Mortgages, loans taken to purchase a property, Involve regular payments at foxed intervals and are treated as reverse annuities, Mortigages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly paymants to the lender: You've decided to buy a heuse that is valued at 51 million. You have $300,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $700,000 mertgage, and is offering a standard 30 -year mortgnge at a 10% foxed nominal interest rate (called the loan's annual percentage rate or APR). Under thla loan proposal, your mortgage payment will be per month. (Notes Round the final value of any interest rate used to four decimal places.) Your friends suggest that you take a 15 -year mortgage, because s 30 -year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15 year, $700,000 loan at a fixed nominal interest rate of 10$, (APR), then the ditference in the monthly payment of the 15 -year mortgage and 30 year mortgage will be 7 (Note: Round the final value of any interest rate used to four decimal places.) It is tixely thot you won't like the prospect of paying more money each month, but if you do take out a 15 year mortgage, you will make far fewer. payments and will pay a lot less in interest. How mueh mare total interest will you pay over the life of the loan if you take out a 30 -year mortgage inctead of a-15-year mortgage? 81,097,515,0111,189,259,3711,011,721,651857,433,60 Which of the following statements is not true about mortgeges? Mortgages always have a fixed noeninal interest rate. Martgages are esamples of amortired hosns. The payment aliocated toward principal in an amortized laan is the residusl bolance-that is, the difference between total payment and the intecest due. The ending balance of an amortized foan contract will be sero